Is law firm marketing an unnecessary cost or the gateway to untapped potential?
Attorneys all around the world view law firm marketing and business development activities as unnecessary costs for their businesses. But is it in the interests of law firms to alienate themselves from the marketing revolution that has taken over the world by storm since the 20th century? Research suggests otherwise. Lawyers can no longer rely solely on their network or reputation in the industry to grow their business.
Marketing is a pivotal pillar on which the industries of today stand, and customers are the center of the business universe. Companies operating in competitive markets exercise marketing control over customers. Over time, businesses have shifted from fruitless competition and price wars to leveraging the concepts of business development and marketing to secure and expand their share of the market.
As a multi-billion dollar industry, law firms have much to gain from venturing into the world of marketing. This is still a relatively new concept amongst lawyers. But those adopting a market-centric approach are visibly ahead of the curve because of improved customer attraction and retention rates. Currently, organizations struggle to promote their businesses in-person, at events or from their office. The world is transitioning to virtual networking and marketing strategies. And, particularly digital marketing has become one of the most important denominators in business growth.
When asked whether they’d like their firms to do great with effective marketing versus do fine without it, the answer is some version of “we want it to do great, but is it worth investing in marketing?”. It is fair to have this concern. Modifying business strategy often feels like diving into unchartered waters. And this is where firms, like Advocate Marketers, come in to guide you all along. It is crucial to be able to see how marketing results fit into your overall vision for your business. Here are some interesting – yet, not widely known – truths about marketing and what it can do for your law firm:
Create Visibility:
Once you’ve set up a practice, you conduct marketing, knowingly or unknowingly, to create awareness about your firm and services; this often includes simple things, like capitalizing on word of mouth. Law firm marketing is a tool that will help you create awareness about your services in the market. It is what has the power to make them stand out in the face of cut-throat competition.
Connect with Clients:
Using active marketing, in addition to the traditional ways of spreading the word about what you do, is a key way of establishing a reputation and building credibility in the market. Law firm marketing allows you to engage with clients on a deeper level. You can conveniently address their pain points by sharing useful and relevant content, keeping your clientele up-to-date with the industry and offer advice from anywhere in the world. The ability to do this remotely has particularly gained importance today given the changing nature of business relationships.
Achieve Growth:
Marketing promotes a proactive approach to business growth while simultaneously helping strengthen the contingency plans of the business. Successful law practices recognize the need to develop a healthy pipeline of clients and do not rely solely on a satisfactory level of resource utilization. As the COVID 19 pandemic has taught us, industry dynamics can change in the split of a second. And, marketing is the gateway to several demand generating avenues, the internet being one of the largest, at the moment.
Goal-driven Approach:
Just like all other activities, marketing doesn’t have a one size fits all model. Marketing strategies need to be tailored to your business needs and objectives. Lawyers don’t have to follow a pre-established strategy to market their practice. Instead, they can choose what might work for them better based on the ground realities surrounding their business. And, this is where Advocate Marketers come in to guide you through the process. Marketing is the fuel required by your business to take off towards the future you have envisioned for it.
The benefits of active marketing, coupled with those of conventional approaches to business development, come together to convey a consolidated message to current and potential clients. This reinforces a focussed message and image of the business in the minds of the clients and promotes customer loyalty, that can protect the firm from oncoming competition. And, that is a competitive advantage which helps convert prospects into customers and customers into champions
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